Armstrong's marketing appeal may survive title loss

"I think if we talked in five years, he'll still be making speeches, he'll still have his sponsors, and his foundation will have made over a billion dollars," Stapleton told Reuters.

Indeed, the Lance Armstrong Foundation said that it had seen a 30 percent spike in donations on Friday, and that the nonprofit group had seen an outpouring of support for the cyclist.

SportsOneSource analyst Matt Powell said some sponsors might downplay Armstrong for a little while but that as long as he is not actually proven to have taken drugs, they should resume.

"I don't think it will affect his sponsors unless at some point it's proven that he's taken drugs," Powell said.

AB InBev said Armstrong would continue to be a spokesman for its beer, Michelob Ultra. "He has inspired millions with his athletic achievement and his commitment to helping cancer survivors and their families," said Paul Chibe, vice president of U.S. marketing.

Armstrong is also co-owner of Honey Stinger, a maker of energy bars and gels based in Steamboat Springs, Colorado. The company said it will continue working with him and will continue to support the Lance Armstrong Foundation.

There was no immediate comment from Armstrong's other corporate sponsors, including RadioShack and exercise bike maker Johnson Health Tech.

George Belch, a founder of San Diego State University's Sports Business MBA program, said Armstrong was less of a draw for major advertisers since his retirement.

"I don't see the Fortune 500 companies knocking on his door anymore," Belch said, though he guessed that Armstrong would continue to be attractive to smaller brands.

Armstrong signed a three-year deal with Michelob in October 2009. The company said it was sticking by Armstrong but did not say whether it would renew the relationship.